Ford said it will inject $1.2 billion into three more Michigan plants. Joe Hinrichs, Ford President of the Americas, told the FOX Business Network’s Stuart Varney the plans include an $850 million investment in the revival of the Ranger and Bronco.
“We are excited about the Ranger and Bronco coming back to the portfolio. We should make good money on that,” he said.
Hinrichs’ added plans also include building new engines to support the Ranger and Bronco and a new $200 million data center.
He also discussed the company’s electric car investments.
President Trump visited Detroit recently to announce plans to scale back fuel-economy standards imposed by the Obama administration. Despite this, Ford has already planned for current CAFE standards, according to Hinrichs.
“We, as an industry, have asked President Trump and his administration to do the midterm review as it was originally agreed to—a data driven discussion about what’s going on with oil prices, consumer affordability, technology costs, etc.,” he said.
He added, “We’ve had these plans in the works for quite some time, but remember, we are also investing in 13 electrified new vehicles.”
In January Ford announced it would invest $700 million in Flat Rock, Michigan to build an all-electric SUV and make a $4.5 billion investment that would go into electrified vehicles he said.